Stocks were muted on Wednesday as investors took a breather from the week's positive momentum that propelled the S&P 500 Index out of negative territory for the year. Market participants are also looking ahead towards more key consumer and inflation data for April due out on Thursday that could shed more light on the initial impacts of President Donald Trump's trade policies.

The broader market index added about 0.1%, while the Dow Jones Industrial Average lost about 90 points and the Nasdaq Composite advanced over 0.7% on extended tech gains from stocks like Nvidia (NVDA  ) and Advanced Micro Devices (AMD  ).

Here's how the market settled on Wednesday:

S&P 500 Index (SPY  ): +0.10% or +6.03 points to 5,892.58

Dow Jones Industrial Average (DIA  ): -0.21% or -89.37 points to 42,051.06

Nasdaq Composite Index (QQQ  ): +0.72% or +136.72 points to 19,146.81

For the week so far, the S&P 500 has climbed more than 3%, bringing the benchmark more than 20% above its April 7 intraday low where it briefly entered correction territory. Much of the week's gains followed the U.S. and China each reducing their respective tariffs (Washington cut its levy to 30%, while Beijing lowered its duties to 10%) for 90 days to foster more trade talks between the two global superpowers.

"Uncertainty still abounds. Whether a lasting agreement can emerge from the 90-day trade truce remains to be seen, and risks around potential semiconductor tariffs still hold," UBS global wealth management chief investment officer Mark Haefele wrote in a Wednesday note. "Increased costs from supply chain relocations could pose challenges to tech companies, while details of Trump's overhaul of artificial intelligence (AI) diffusion rule introduced by former President Joe Biden remain to be seen."

Regarding Semiconductors, Nvidia has risen nearly 10% in the past two sessions -- surpassing the $3 trillion market cap for the first time since February -- as the chipmark announced billions of dollars' worth of deals with Saudi Arabia alongside the White House on Tuesday. The company said is will supply its latest AI chips to Saudi-owned AI venture Humain over the next five years; Bank of America analysts estimate the deal's total value at $7 billion.AMD announced a similar deal with Humain potentially worth $10 billion on Tuesday.

AMDshares also rose higher Wednesday after the chipmaker's board of directors approved $6 billion in share buybacks, adding to the $4 billion in existing share repurchases previously approved. CEO Lisa Su said the expanded program "reflects the Board's confidence in AMD's strategic direction, growth prospects, and ability to consistently generate strong cash flow.

In the News:

Netflix (NFLX  ) said Wednesday it's ad-supported subscription tier now has 94 million monthly active users, adding more than 20 million since its previous total reported in November. The streaming platform's cheapest tier -- which costs $7.99 per month compared to its least-expensive ad-free plan offered at $17.99 per month -- also reaches more 18- to 34-year-olds than any U.S. broadcast or cable network, Netflix says.

"When you compare us to our competitors, attention starts higher and ends much higher," said Amy Reinhard, president of advertising at Netflix, in a statement. "Even more impressive, members pay as much attention to mid-roll ads as they do to the shows and movies themselves."

The U.S. Federal Aviation Administration (FAA) said Wednesday it is holding a two-day meeting with major airlines to discuss potential schedule cuts at Newark Liberty International Airport, after a series of equipment outages and staffing shortages impact one of the busiest airports in the United States.

"The airport clearly is unable to handle the current level of scheduled operations," the FAA said in a notice, adding that its flight cut proposal "would reduce overscheduling, flight delays, and cancellations to an acceptable level."

Boeing (BA  ) and GE Aerospace have secured a $96 billion agreement to sell up to 210 aircraft to Qatar Airways, the White House said Wednesday, calling the deal Boeing's "largest-ever widebody order and largest-ever 787 order." In the fact sheet, the Trump administration said the deal will support 154,000 jobs in the U.S. annually and more than one million total jobs domestically throughout the production and delivery of the 787 Dreamliner and 777X aircraft powered by GE engines.

Boeing has yet to deliver a 777X plane, and the jetliner has not been certified by the FAA.

Novo Nordisk (NVO  ) announced Wednesday it is partnering with clinical-stage biotech Septerna (SEPN  ) to expand development on "oral small molecules for obesity, Type 2 diabetes and other cardio-metabolic diseases," that currently benefit from injectable GLP-1 drugs like Ozempic and Wegovy. Weight loss pills are seen as the next generation of the emerging market.

Under the deal, Septerna will conduct the discovery research and clinical dosing phases, while Novo will handle production and development once a lead candidate is chosen. Septerna will receive an initial investment of $195 million and up to $500 million in additional cash for each of its current four candidates.

On the Earnings Front:

American Eagle Outfitters (AEO  ) shares fell on Wednesday after the apparel retailer withdrew its full-year guidance after reporting a nearly $85 million operating loss in its first-quarter preliminary results. The loss was attributed to higher-than-planned promotional activity and an inventory write down of spring and summer merchandise of about $75 million.

"We are clearly disappointed with our execution in the first quarter. Merchandising strategies did not drive the results we anticipated, leading to higher promotions and excess inventory," CEO Jay Schottenstein said in a release.

Looking Ahead:

Investors will turn their attention towards key reports on April's retail sales and producer inflation on Thursday, as well as earnings reports from companies including Cisco Systems (CSCO  ), Walmart (WMT  ), Alibaba (BABA  ) and Deere & Company (DE  ).